A bipartisan group of 9 Members of Congress (MoCs) has expressed concerns to Treasury Secretary Yellen about the IRS broker rule, emphasizing that the proposed rules could encompass nearly all digital asset transactions. Spearheaded by Senator Ted Cruz, a coalition of Republican senators, including five key figures, is pushing back against the Federal Reserve's ability to launch a Central Bank Digital Currency (CBDC), citing major privacy concerns. They argue that a CBDC could serve as a surveillance tool, enabling the government to collect intimate personal details on U.S. citizens, track and freeze funds, and control personal finances, representing a massive overreach. The senators are rallying support for the CBDC Anti-Surveillance State Act, aiming to ensure any CBDC is open, permissionless, and private, akin to cash, to prevent it from oppressing the American way of life. This legislation seeks to clarify that the Federal Reserve has no authority to implement a CBDC, as part of broader efforts to oppose the Biden administration's "digital dollar" plans and address concerns over potential surveillance, the threat of war, and the escalating banking crisis. The act is seen as a critical move to protect Americans' privacy and rights, prevent the exploitation of the financial system for political agendas, and avoid the establishment of a Chinese-style social credit system.
CBDCs are a direct threat to every freedom we hold dear. If this tyranny is allowed to take hold in America, a Chinese-style social credit system will not be far behind. Proud to cosponsor this critical legislation with @SenTedCruz and @GOPMajorityWhip. https://t.co/6H4VUsRpSi
CBDCs are programmable, traceable, trackable, & taxable surveillance tokens. The last thing we need is the government surveilling our every purchase & punishing our personal finances the way they’re already punishing conservative thought. @profstonge https://t.co/2c6gtkTwyF
Government bureaucrats have been far too willing to exploit the financial system to advance political agendas & target Americans. I joined @SenTedCruz in introducing legislation to halt efforts by the Biden Admin to issue a CBDC, which would violate Americans’ privacy & rights. https://t.co/0co6SET0np
“The Biden administration salivates at the thought of infringing on our freedom and intruding on the privacy of citizens to surveil their personal spending habits…” — Senator Ted Cruz https://t.co/3NE9Rmb9xR
The Biden administration salivates at the thought of infringing on our freedom & surveilling citizens' personal spending habits, which is why Congress must clarify that the Federal Reserve has no authority to implement a CBDC. https://t.co/IPUgLoIXHz
#RobertKiyosaki has warned investors of an escalating banking #crisis, threat of #war, and the use of #CBDCs for surveillance purposes. https://t.co/cP0Rwk6lj3
A group of five United States senators has taken significant action against the proposal of a digital dollar by introducing a bill aimed at prohibiting the issuance of central bank digital currencies https://t.co/JHWUZYCREI
UPDATE: FIVE U.S. SENATORS UNITE TO OPPOSE BIDEN ADMINISTRATION'S "DIGITAL DOLLAR" PLANS, CALLING FOR A BAN ON CBDCS
.@SenTedCruz and other Republican lawmakers have introduced legislation aimed at banning a central bank digital currency in the U.S. It's not their first try. By @amitoj https://t.co/uDu16dlwB8
📣 Latest News: US senators oppose Joe Biden's CBDC plans #news #cryptonews #crypto
almost the entire democratic party tried to shut crypto down and Ted Cruz was bull posting LMFAO american politics is hilarious
Cruz, GOP senators double down on anti-central bank digital currency legislation. https://t.co/IPUgLoIXHz
Big government has no business spying on Americans to control their personal finances & track their transactions. It’s a massive overreach. Proud to join @SenTedCruz to intro the CBDC Anti-Surveillance State Act to stand up against this invasive practice. https://t.co/15EEMbqR0j
1/ CBDCs present major privacy concerns for everyday Americans, including granting the government the ability to collect intimate personal details on U.S. citizens, and potentially track and freeze funds for any reason.
JUST IN: 🇺🇸 US Senator Ted Cruz to introduce legislation to restrict the Federal Reserve’s ability to create a CBDC. "Congress must clarify that the Federal Reserve has no authority to implement a CBDC." 👏 https://t.co/BpITGu4i56
Any CBDC that is not open, permissionless, and private – like cash – is a surveillance tool that will be mobilized to oppress the American way of life. I am proud to have @SenTedCruz lead the Senate companion of our CBDC Anti-Surveillance State Act. https://t.co/I05v2LnSwN
Spearheaded by Texas Senator Ted Cruz, Republican senators are making concerted efforts to restrict the ability of the Federal Reserve to launch a CBDC https://t.co/8HbPvmCXzg
A bipartisan group of 9 MoCs write to Treasury Secretary Yellen regarding the IRS broker rule: “As drafted, the proposed rules sweep nearly all digital asset transactions into the new tax reporting framework without regard to the transaction’s size or financial nature.” https://t.co/FoMXqAXt62